Hill City Capital LP Takes $194.31 Billion Position in International Paper Company $IP

Key Points

• Hill City Capital LP acquired 5.1 million International Paper shares valued at approximately $194.31 billion, representing about 0.96% of the company and 4.5% of the firm’s portfolio. Institutional investors collectively own 81.95% of IP.
• International Paper reported quarterly EPS of $0.04, beating the $0.04 loss analysts expected, although revenue fell 11.3% year over year to $6 billion. The company declared a quarterly dividend of $0.4625, implying a 4.5% annualized yield.
• Analyst sentiment remains moderately bullish, with nine Buy, four Hold, and one Sell rating and a consensus price target of $48.75 versus the stock’s recent price of $41.53. Meanwhile, two company insiders sold shares, reducing their holdings by 9.27% and 18.64%, respectively.

Hill City Capital LP purchased a new position in shares of International Paper Company (NYSE:IP - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 5,100,000 shares of the basic materials company's stock, valued at approximately $194,310,000,000. International Paper accounts for approximately 4.5% of Hill City Capital LP's portfolio, making the stock its 6th biggest holding. Hill City Capital LP owned approximately 0.96% of International Paper as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Equitable Holdings Inc. bought a new position in International Paper in the 2nd quarter valued at $404,000. Coastal Bridge Advisors LLC bought a new stake in shares of International Paper during the 2nd quarter worth $304,000. Public Employees Retirement System of Ohio bought a new stake in shares of International Paper during the 2nd quarter worth $5,699,000. Redwood Investment Management LLC purchased a new position in shares of International Paper in the 2nd quarter worth about $939,000. Finally, Transamerica Financial Advisors LLC purchased a new position in shares of International Paper in the 2nd quarter worth about $36,000. Hedge funds and other institutional investors own 81.95% of the company's stock.

Insiders Place Their Bets

In other International Paper news, CAO Holly G. Goughnour sold 3,500 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the transaction, the chief accounting officer directly owned 34,248 shares in the company, valued at $1,437,046.08. This represents a 9.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP William Thomas Hamic sold 24,500 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the sale, the vice president owned 106,952 shares in the company, valued at approximately $4,406,422.40. This trade represents a 18.64% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by insiders.

International Paper Stock Up 0.1%

IP stock opened at $41.53 on Monday. The stock has a fifty day moving average of $39.21 and a 200-day moving average of $37.90. International Paper Company has a fifty-two week low of $29.26 and a fifty-two week high of $50.25. The company has a market capitalization of $21.99 billion, a price-to-earnings ratio of -6.37 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.08. The business had revenue of $6 billion for the quarter, compared to analysts' expectations of $6.19 billion. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The firm's quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 EPS. As a group, equities research analysts predict that International Paper Company will post 1.34 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Friday, August 14th. International Paper's dividend payout ratio (DPR) is -28.37%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on IP shares. Royal Bank Of Canada raised their price objective on shares of International Paper from $48.00 to $52.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Loop Capital set a $61.00 target price on shares of International Paper in a research note on Tuesday, July 28th. Weiss Ratings raised shares of International Paper from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday. Zacks Research raised shares of International Paper from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Bank of America lowered shares of International Paper from a "buy" rating to a "neutral" rating and set a $41.00 price target for the company. in a research note on Tuesday, July 14th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.75.

International Paper Company Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.

Want to see what other hedge funds are holding IP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Paper Company (NYSE:IP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source